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Thursday, 06 December 18
DEMAND RISKS WEIGH ON GLOBAL SHIPPING SECTOR OUTLOOK - FITCH RATINGS
 The global shipping sector outlook remains negative reflecting the demand-side risks of protectionism and slower economic growth, Fitch Ratings says. Higher fuel costs and sulphur regulation will also put pressure on shippers. Partly offsetting an unfavourable environment are emerging signs of better capacity management by shipping companies, which is key to a sustainable balance and freight rates that support consistent profitability. We expect better fundamentals in container and dry bulk, while capacity growth will weigh on tankers. The key risk to shipping is an escalation of protectionist measures that would damage global trade and GDP growth.
Free global trade is vital for shipping development – about 80% of world trade in goods is carried by ships. More stringent fuel regulations regarding sulphur content could significantly increase operating costs and capex requirements in all shipping segments. This may negatively affect financials unless shippers pass these costs to customers. However, the product tanker market may benefit from these regulations as seaborne trade of low sulphur fuel is likely to increase as a result.
We expect healthy, albeit slower volume growth, in 2019 in container shipping. But supply and demand should be more balanced as fewer new vessels come onto the market. This should provide support to freight rates. Container shipping has become more consolidated with top five players accounting for 63% of the market in 2018 compared to only 31% in 2000, which is beginning to help with coordinated capacity deployment.
We expect freight rates in dry bulk to remain flat on average in 2019 based on balanced volumes and net fleet growth of about 3%. Any escalation of global trade conflicts, especially between the US and China, could affect cargo flows, especially for grains and minor bulk. However, we see the risk of a material reduction of overall demand and rates to be low. This is because commodity trade flows are likely to shift, rather than stop. For example, Chinese tariffs on US grain imports caused an increase in South American exports to China, while US soybeans have been directed to European and Middle Eastern markets.
Potential overcapacity weighs on the tanker sector. We forecast net tanker capacity to grow at about 3%, up from about 1.5% in 2018. The sector may face downside risks from oil demand and supply. US Energy Information Administration (EIA) forecasts global oil consumption in 2019 to rise 1.4%, down slightly from a 1.5% increase in 2018. The impact of US sanctions on Iranian crude oil exports as well as OPEC’s decision on production volumes in December meeting are likely to affect oil supply and, as a result, demand for tankers
Source: Fitch Ratings
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Wednesday, 12 June 19
IMO 2020 - COUNTDOWN TO 1 JANUARY 2020 -HOW WILL THE CHANGES AFFECT REFINING AND SHIPPING? - WOOD MACKENZIE
We know that the IMO’s regulations represent the biggest step change the shipping industry has ever seen and the implications will be felt th ...
Wednesday, 12 June 19
SHIPPING MARKET INSIGHT - INTERMODAL
This year’s tanker S&P activity keeps edging higher compared to the same period in 2018. Year to date we have seen some 143 ships, rangin ...
Tuesday, 11 June 19
INDONESIAN COAL PRICE REFERENCE SET AT $81.48 PER TON IN JUNE, DOWN 15.66 PERCENT YEAR-ON-YEAR
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down again the benchmark price of Indonesian th ...
Monday, 10 June 19
CONSECUTIVE OWNERS OF CARGO: WHO HOLDS TITLE AND THE RIGHT TO SUE? - COLIN BIGGERS & PAISLEY
KNOWLEDGE TO ELEVATE
In Tritton Resources Pty Ltd v Ever Rock Navigation S.A. [2019] FCA 276, the Federal Court considered the application of ...
Monday, 10 June 19
KOSPO INVITES BIDS FOR 1,305,000 MT OF MIN 5600 KCAL/KG NCV COAL FOR SEPT 2019 TO DEC 2021
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 435,000 MT (per year) of max 5,600 kcal/kg N ...
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- Rio Tinto Coal - Australia
- Indika Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Finance - Indonesia
- Global Coal Blending Company Limited - Australia
- Siam City Cement PLC, Thailand
- Port Waratah Coal Services - Australia
- Cigading International Bulk Terminal - Indonesia
- Coal and Oil Company - UAE
- Lanco Infratech Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- VISA Power Limited - India
- CIMB Investment Bank - Malaysia
- Borneo Indobara - Indonesia
- Ind-Barath Power Infra Limited - India
- South Luzon Thermal Energy Corporation
- IEA Clean Coal Centre - UK
- Georgia Ports Authority, United States
- Siam City Cement - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Eastern Coal Council - USA
- Mercator Lines Limited - India
- Merrill Lynch Commodities Europe
- Neyveli Lignite Corporation Ltd, - India
- Straits Asia Resources Limited - Singapore
- Carbofer General Trading SA - India
- Singapore Mercantile Exchange
- Sindya Power Generating Company Private Ltd
- Aboitiz Power Corporation - Philippines
- Tata Chemicals Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Global Green Power PLC Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- India Bulls Power Limited - India
- Metalloyd Limited - United Kingdom
- Cement Manufacturers Association - India
- Kideco Jaya Agung - Indonesia
- Aditya Birla Group - India
- Asmin Koalindo Tuhup - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Electricity Generating Authority of Thailand
- Baramulti Group, Indonesia
- Bangladesh Power Developement Board
- Orica Australia Pty. Ltd.
- GVK Power & Infra Limited - India
- Meralco Power Generation, Philippines
- Power Finance Corporation Ltd., India
- Standard Chartered Bank - UAE
- Bharathi Cement Corporation - India
- SN Aboitiz Power Inc, Philippines
- Vedanta Resources Plc - India
- Gujarat Sidhee Cement - India
- Jindal Steel & Power Ltd - India
- Interocean Group of Companies - India
- Bahari Cakrawala Sebuku - Indonesia
- Simpson Spence & Young - Indonesia
- Coastal Gujarat Power Limited - India
- Heidelberg Cement - Germany
- Maheswari Brothers Coal Limited - India
- SMG Consultants - Indonesia
- Mercuria Energy - Indonesia
- Indian Oil Corporation Limited
- SMC Global Power, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Kumho Petrochemical, South Korea
- The University of Queensland
- San Jose City I Power Corp, Philippines
- Petron Corporation, Philippines
- Renaissance Capital - South Africa
- Star Paper Mills Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Formosa Plastics Group - Taiwan
- Central Java Power - Indonesia
- Romanian Commodities Exchange
- Chettinad Cement Corporation Ltd - India
- Essar Steel Hazira Ltd - India
- Vizag Seaport Private Limited - India
- Semirara Mining Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Samtan Co., Ltd - South Korea
- AsiaOL BioFuels Corp., Philippines
- Ministry of Transport, Egypt
- Latin American Coal - Colombia
- Electricity Authority, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Link Ltd, New Zealand
- European Bulk Services B.V. - Netherlands
- Sarangani Energy Corporation, Philippines
- The Treasury - Australian Government
- PNOC Exploration Corporation - Philippines
- Wilmar Investment Holdings
- Madhucon Powers Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Medco Energi Mining Internasional
- Grasim Industreis Ltd - India
- Bayan Resources Tbk. - Indonesia
- Coalindo Energy - Indonesia
- Uttam Galva Steels Limited - India
- Kaltim Prima Coal - Indonesia
- Orica Mining Services - Indonesia
- Central Electricity Authority - India
- Karaikal Port Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Timah Investasi Mineral - Indoneisa
- Binh Thuan Hamico - Vietnam
- Commonwealth Bank - Australia
- Directorate Of Revenue Intelligence - India
- Banpu Public Company Limited - Thailand
- Africa Commodities Group - South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Makmur.PT - Indonesia
- ASAPP Information Group - India
- Goldman Sachs - Singapore
- MS Steel International - UAE
- Xindia Steels Limited - India
- Planning Commission, India
- PetroVietnam Power Coal Import and Supply Company
- Salva Resources Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- TNB Fuel Sdn Bhd - Malaysia
- White Energy Company Limited
- The State Trading Corporation of India Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- PowerSource Philippines DevCo
- Antam Resourcindo - Indonesia
- PTC India Limited - India
- GMR Energy Limited - India
- Manunggal Multi Energi - Indonesia
- Altura Mining Limited, Indonesia
- International Coal Ventures Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Therma Luzon, Inc, Philippines
- Dalmia Cement Bharat India
- Globalindo Alam Lestari - Indonesia
- Trasteel International SA, Italy
- Makarim & Taira - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- London Commodity Brokers - England
- Thiess Contractors Indonesia
- Sojitz Corporation - Japan
- Intertek Mineral Services - Indonesia
- Australian Commodity Traders Exchange
- Edison Trading Spa - Italy
- Attock Cement Pakistan Limited
- Tamil Nadu electricity Board
- Toyota Tsusho Corporation, Japan
- Indonesian Coal Mining Association
- Bhatia International Limited - India
- Parliament of New Zealand
- New Zealand Coal & Carbon
- GAC Shipping (India) Pvt Ltd
- TeaM Sual Corporation - Philippines
- CNBM International Corporation - China
- Australian Coal Association
- Sical Logistics Limited - India
- Mintek Dendrill Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Mineral Development Corp Ltd - India
- Ambuja Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indo Tambangraya Megah - Indonesia
- Wood Mackenzie - Singapore
- ICICI Bank Limited - India
- Bhushan Steel Limited - India
- Miang Besar Coal Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Sree Jayajothi Cements Limited - India
- Bhoruka Overseas - Indonesia
- Parry Sugars Refinery, India
- Independent Power Producers Association of India
- Directorate General of MIneral and Coal - Indonesia
- Larsen & Toubro Limited - India
- Eastern Energy - Thailand
- Economic Council, Georgia
- Riau Bara Harum - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Agrawal Coal Company - India
- Indian Energy Exchange, India
- LBH Netherlands Bv - Netherlands
- Kepco SPC Power Corporation, Philippines
- Posco Energy - South Korea
- Indogreen Group - Indonesia
- Ministry of Mines - Canada
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Kobexindo Tractors - Indoneisa
- Oldendorff Carriers - Singapore
- Global Business Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Kartika Selabumi Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Marubeni Corporation - India
- Minerals Council of Australia
- McConnell Dowell - Australia
- Bukit Baiduri Energy - Indonesia
- Anglo American - United Kingdom
- Thai Mozambique Logistica
- Chamber of Mines of South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Price Waterhouse Coopers - Russia
- Mjunction Services Limited - India
- Iligan Light & Power Inc, Philippines
- Deloitte Consulting - India
- Videocon Industries ltd - India
- Savvy Resources Ltd - HongKong
- Bulk Trading Sa - Switzerland
- Energy Development Corp, Philippines
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